It doesn’t get hotter than this!

Kelowna Real Estate News

November 2020

It doesn’t get hotter than this!
October in Kelowna continued to surprise with unprecedented growth in sales and off the charts numbers. The % of Listings That Sell chart below says it all. The arrows don’t even fit!  We have never seen anything this hot before, nevermind in a month like October where sales historically start to slow.

Single Family Homes
53% of the listings sold in October. That’s so high that it doesn’t even fit our charts!
October’s previous record was 34% of listings selling in 2016.
Kelowna’s previous record was 49% of listings selling, also in May 2016.
This means that there has literally never been a better time to sell a home in Kelowna’s history! Sales are up a whopping 115% over last year (that means more than double), and listings are down almost 40%. The old supply and demand equation tells us that prices will go up, and that explains the upward pressure we’re seeing. (As well as our outrageous average price of just over $850,000). This has made it very difficult for buyers to find a good property, and if they do, it’s gone right away.
The days to sell average historically sits around 80-100 days on market, and is currently down to 59.

Townhomes
Still as hot as ever and also off the charts with 52% of the listings having sold last month. Townhome sales are up even higher than single family homes with October sales jumping from 53 in 2019 to a staggering 136 in 2020. This makes it a record for townhome sales of any month. As inventory continues to shrink, there is lots of upward pressure on prices for townhomes as well.

Apartments
The apartment/condo market continues to improve. With ‘only’ 59% more sales over 2019, but is the only segment that saw inventory increase over this time last year. 85% of the sales continue to be under $500,000.

Thinking of Selling?

Send Colin an email or give us a call at 250-868-8000 and we’ll be happy to talk about what might make sense for your situation.

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Major Cities Report

Victoria

Market continues to ouperform in unpredictable times.

A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 per cent more than the 619 properties sold in October 2019 and 0.1 per cent more than the previous month of September 2020. Sales of condominiums were up 70.8 per cent from October 2019 with 304 units sold. Sales of single family homes were up 53.1 per cent from October 2019 with 487 sold.

Victoria Real Estate Board President Sandi-Jo Ayers said “Sales for October broke the record for the month and inventory continues to be snapped up quickly. Due to this high demand, low supply environment, we are seeing many multiple offer situations. Condos and single family homes both continue to be popular choices for buyers.”
Source

Vancouver

Sales and new listing activity remained at near record levels in October

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.

Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.
Source

Calgary

Detached homes drive Calgary sales growth

With strong gains in the detached sector, October sales in the city reached 1,764 units. This is a 23 per cent increase over last year and well above longer-term averages. The gain in citywide residential sales outpaced the growth in new listings, supporting tighter market conditions and improving prices.

Detached sales totalled 1,139 in October, a year-over-year gain of 35 per cent. Unlike earlier this year, October’s largest gains in sales occurred for homes priced above $600,000. Easing prices for more expensive homes could be supporting this rise in sales.
Source

Edmonton

Residential Unit Sales up 26.34% compared to October 2019

Total residential unit sales in the Edmonton Census Metropolitan Area (CMA) real estate market for October 2020 increased 26.34% compared to October 2019 and decreased 0.21% from September 2020. The number of new residential listings is up year over year, increasing 14.75% from October 2019. New residential listings are down month over month, decreasing 7.43% from September 2020. Overall inventory in the Edmonton CMA fell 12.10% from October of last year and decreased 3.88% from September 2020.

For the month of October, single family home unit sales are up 38.02% from October 2019 and decreased 5.89% from September 2020 at 1,118. Condo unit sales increased 2.37% from October 2019 and decreased 13.28% from September 2020.
Source

Toronto

Sales & New Listings reached record levels for the month of October

Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. Our Members made 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.

Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.
Source

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